BFF Bank SpA (BFF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of BFF Bank SpA stock €3.94, price €1.97, upside +99.9%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €1.43 – €12.29 · fair‑value band €2.95 – €4.93 · the €1.97 price screens below the €3.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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BFF Bank S.p.A. engages in non-recourse factoring and credit management activities towards public administration bodies and private hospitals in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia, and Spain.
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It offers factoring and lending securities services, payment services, and online deposit account services.
The company also undertakes custodian banking for investment funds and related services, such as global custody, fund accounting, transfer agent services for national managers, pension, mutual, and alternative funds.
In addition, it offers corporate payments, and cheques and bills, as well as operates customers medium-small Italian banks and medium-large companies. The company was founded in 1985 and is headquartered in Milan, Italy.
Stock analysis
BFF Bank SpA (BFF) currently trades at €1.97, while our model-based Fair Value estimate is €3.94, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €12.78 per share, and 9 of the 9 models we run sit above the €1.97 price.
Bear case: the Asset-Based group reads lowest at €3.04, and 0 of the 9 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €2.95 (bear) to €4.93 (bull), the price of €1.97 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
BFF Bank SpA reported revenue of €377M in FY2025 versus €302M in FY2021, a compound +5.7%/yr. Reported net income was €70.2M in FY2025, compounding −22.8%/yr from FY2021.
Key figures
Market cap €374M Small · P/E ratio 21.9 · P/S ratio 1.03 · EPS (TTM) €0.0900 · Net margin 4.9% · Return on equity 1.9% · Return on assets (EBIT) 1.7% (5-year average) · Operating margin 32.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 83% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at 100%, BFF screens cheaper than that median.
Fair Value models
Bear€2.95Fair Value €3.94Bull€4.93
Price €1.97 · Upside +99.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.0769 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−4.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6.6% vs −1.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.77% → 23%
News mood ⓘNews mood, the average tone of recent news (42 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Credit Services · 283 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+99.9% · Top 25%
Profitability
Return on equity (12 months)1.9% · Bottom 25%
Return on assets0.6% · Bottom 25%
Net margin (12 months)4.9% · Bottom 25%
Operating margin (12 months)32.2% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.7% · Below median
Balance sheet
Debt / equity0.67× · Below median
Valuation Multiplesvs Credit Services median · lower = cheaper
P/E (12 months)21.9× · Priciest 25%
P/B0.40× · Cheapest 25%
P/S (12 months)1.03× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 59
FUTURE (revenue growth)14· sector 57
PAST (return on equity)8· sector 39
HEALTH (low debt)–
DIVIDEND (yield)0· sector 63
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "BFF Bank SpA Fair Value". https://www.fairvalue-calculator.com/stock/BFF
Frequently asked questions
Is BFF Bank SpA (BFF) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €3.94 versus a price of €1.97, about +100% upside (undervalued).
What is the fair value of BFF?
Our model-based fair value for BFF Bank SpA is €3.94 (as of Nov 8, 2026), built from audited fundamentals. The current price: €1.97.
What is the quality score of BFF?
BFF Bank SpA has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BFF Bank SpA (BFF)?
Our model-based price target is the fair value of €3.94 (as of Nov 8, 2026) from 9 valuation models. Cautious scenario €2.95, optimistic scenario €4.93. It is a calculation from audited fundamentals, not an analyst target.
What is the BFF Bank SpA stock forecast for 2026?
Our models put fair value at €3.94, about +100% upside versus a price of €1.97 (undervalued). Cautious scenario €2.95, optimistic scenario €4.93. The calculation is refreshed regularly with new filings.
What is the revenue of BFF Bank SpA (BFF)?
BFF Bank SpA reported trailing-twelve-month revenue of about €364M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of BFF Bank SpA (BFF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BFF Bank SpA it is €3.94 per share (as of Nov 8, 2026), against a price of €1.97. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is BFF Bank SpA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BFF trades below its calculated fair value: price €1.97, fair value €3.94, a gap of about +100% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BFF?
No. The price is what the market pays today (€1.97); the fair value is what the company's own numbers justify (€3.94). For BFF Bank SpA the two are €1.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is BFF Bank SpA worth?
The market values BFF Bank SpA at about €374M (market capitalisation, as of Nov 8, 2026). Per share that is €1.97; our models calculate a fair value of €3.94 per share.
What do the bullish and bearish scenarios say about BFF?
Our models span a range for BFF Bank SpA: cautious scenario €2.95, base €3.94, optimistic €4.93 per share (as of Nov 8, 2026, price €1.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BFF?
BFF Bank SpA trades at a price-to-earnings ratio of 21.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.94 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 9.6. Other multiples: P/B 0.4, P/S 1.0.
How solid is the balance sheet of BFF Bank SpA (BFF)?
Balance-sheet figures for BFF Bank SpA (as of Nov 8, 2026): return on equity 1.9%, debt of 0.67 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is BFF from its 52-week high?
BFF Bank SpA trades at €1.97, about 83% below its 52-week high of €11.47 and 38% above the low of €1.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €3.94 is for.
Which stocks are comparable to BFF Bank SpA?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BFF Bank SpA stock attractive at the current price?
The data as of Nov 8, 2026: price €1.97, calculated fair value €3.94 (+100%), Quality Score 41/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BFF calculated?
We run BFF Bank SpA through 9 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €3.94 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. BFF Bank SpA currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BFF Bank SpA (BFF)?
The closing price on Nov 6, 2026 was €1.97. Our model-based fair value is €3.94, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BFF Bank SpA right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€2.95). The market is more pessimistic than our downside scenario. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of BFF Bank SpA (BFF) come from?
Earnings per share at BFF Bank SpA grew +4.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin −6.1 %, tax rate +0.6 %, residual (interest, one-offs) +3.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BFF Bank SpA
How large is the market capitalisation of BFF Bank SpA (BFF)?
The market capitalisation of BFF Bank SpA is €374M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BFF Bank SpA (BFF)?
The price-to-sales ratio of BFF Bank SpA is 1.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BFF Bank SpA (BFF)?
Earnings per share at BFF Bank SpA are €0.0900 (price ÷ EPS = P/E 21.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BFF Bank SpA (BFF)?
The net margin of BFF Bank SpA is 4.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BFF Bank SpA (BFF)?
The return on equity (ROE) of BFF Bank SpA is 1.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BFF Bank SpA (BFF)?
On an EBIT basis the return on assets of BFF Bank SpA is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BFF Bank SpA (BFF)?
The operating margin of BFF Bank SpA is 32.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BFF Bank SpA (BFF)?
Revenue at BFF Bank SpA is growing +2.7% versus a year earlier (3y avg −3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BFF Bank SpA (BFF)?
Earnings per share at BFF Bank SpA are growing −95.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BFF Bank SpA (BFF) generate?
The free cash flow of BFF Bank SpA is −€29.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does BFF Bank SpA (BFF) carry?
The net debt of BFF Bank SpA is €361M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026